Page I of 72
NEW MODIFIED MISSISSIPPI REAL ESTATE
PRACTICE EXAM QUESTIONS WITH
VERIFIED ANSWERS TESTED AND
APPROVED
Townships -- ANSWER--Intersection of a range and a tier consisting of sixmile
by six-mile squares of land
Sections of a Township -- ANSWER--36 Sections per township, each one-mile
square. 1 section=640 acres
Lot and Block System -- ANSWER--Subdivisions, lot reference and block
reference ex: Lot 7 Block B
Types of Estates -- ANSWER--Freehold: duration of the owner's rights cannot
be determined: the rights may endure for a lifetime, for less than a lifetime, or
for generations beyond the owner's lifetime.
Leasehold: distinguished by its specific duration, as represented by the lease
term.
Forms of Ownership -- ANSWER--Sole Ownership
Co-Ownership
Estates in Trust
, II
Condominiums
Cooperatives
Time-Shares
Bundle of Rights -- ANSWER--Right to possess, use, transfer, encumber and
exclude.
Property Taxes -- ANSWER--states may levy property taxes but many delegate
this power to county and local government; states can impose a tax lien against
real property
Special Assessment -- ANSWER--Ex. sidewalks, water services: Tax levied
against specific properties that will benefit from a public improvement.
Eminent Domain -- ANSWER--Power of a government to force the sale of
private property for public use.
Condemnation -- ANSWER--Government order that a particular property is no
longer fit for use and must be demolished.
Escheat -- ANSWER--When OWNER DIES WITHOUT A WILL and without
, Page III of 65
heirs transfer of real property to the state or county
Police Power -- ANSWER--State's or local government's legal authority to
create, regulate, tax, and condemn real property in the interest of the public's
health, safety, and welfare.
Zoning -- ANSWER--Regulate land use and implement their respective master
plans.
Master Plan -- ANSWER--Acts as a blueprint for subsequent zoning ordinances
and rulings uses intensive research and public opinion
Building Codes -- ANSWER--architectural and engineering standards,
construction materials standards building support systems such as life safety,
electrical, mechanical, and utility systems
Deed Restriction -- ANSWER--Limitation imposed on a buyer's use of a
property by stipulation in the deed of conveyance or recorded subdivision plat.
Deed Condition -- ANSWER--A condition can only be created within a transfer
of ownership. If a condition is later violated, a suit can force the owner to forfeit
ownership to the previous owner.
, IV
Covenants, Conditions, and Restrictions (CC&Rs) -- ANSWER--Deed
restrictions are either covenants or conditions. A covenant can be created by
mutual agreement. If a covenant is breached, an injunction can force
compliance or payment of compensatory damages.
Market Value -- ANSWER--Opinion of the price at which a willing seller and
buyer would trade a property at a given time
Market price -- ANSWER--Amount of money that a buyer has agreed to pay
and a seller has agreed to accept to complete the exchange of a good or service.
Real versus personal property -- ANSWER--real property: Real estate and the
bundle of rights
Personal property: all property that is not land or permanently attached to land,
excepting trade fixtures and emblements.
Physical characteristics of land -- ANSWER--immobility, indestructibility, and
heterogeneity.
NEW MODIFIED MISSISSIPPI REAL ESTATE
PRACTICE EXAM QUESTIONS WITH
VERIFIED ANSWERS TESTED AND
APPROVED
Townships -- ANSWER--Intersection of a range and a tier consisting of sixmile
by six-mile squares of land
Sections of a Township -- ANSWER--36 Sections per township, each one-mile
square. 1 section=640 acres
Lot and Block System -- ANSWER--Subdivisions, lot reference and block
reference ex: Lot 7 Block B
Types of Estates -- ANSWER--Freehold: duration of the owner's rights cannot
be determined: the rights may endure for a lifetime, for less than a lifetime, or
for generations beyond the owner's lifetime.
Leasehold: distinguished by its specific duration, as represented by the lease
term.
Forms of Ownership -- ANSWER--Sole Ownership
Co-Ownership
Estates in Trust
, II
Condominiums
Cooperatives
Time-Shares
Bundle of Rights -- ANSWER--Right to possess, use, transfer, encumber and
exclude.
Property Taxes -- ANSWER--states may levy property taxes but many delegate
this power to county and local government; states can impose a tax lien against
real property
Special Assessment -- ANSWER--Ex. sidewalks, water services: Tax levied
against specific properties that will benefit from a public improvement.
Eminent Domain -- ANSWER--Power of a government to force the sale of
private property for public use.
Condemnation -- ANSWER--Government order that a particular property is no
longer fit for use and must be demolished.
Escheat -- ANSWER--When OWNER DIES WITHOUT A WILL and without
, Page III of 65
heirs transfer of real property to the state or county
Police Power -- ANSWER--State's or local government's legal authority to
create, regulate, tax, and condemn real property in the interest of the public's
health, safety, and welfare.
Zoning -- ANSWER--Regulate land use and implement their respective master
plans.
Master Plan -- ANSWER--Acts as a blueprint for subsequent zoning ordinances
and rulings uses intensive research and public opinion
Building Codes -- ANSWER--architectural and engineering standards,
construction materials standards building support systems such as life safety,
electrical, mechanical, and utility systems
Deed Restriction -- ANSWER--Limitation imposed on a buyer's use of a
property by stipulation in the deed of conveyance or recorded subdivision plat.
Deed Condition -- ANSWER--A condition can only be created within a transfer
of ownership. If a condition is later violated, a suit can force the owner to forfeit
ownership to the previous owner.
, IV
Covenants, Conditions, and Restrictions (CC&Rs) -- ANSWER--Deed
restrictions are either covenants or conditions. A covenant can be created by
mutual agreement. If a covenant is breached, an injunction can force
compliance or payment of compensatory damages.
Market Value -- ANSWER--Opinion of the price at which a willing seller and
buyer would trade a property at a given time
Market price -- ANSWER--Amount of money that a buyer has agreed to pay
and a seller has agreed to accept to complete the exchange of a good or service.
Real versus personal property -- ANSWER--real property: Real estate and the
bundle of rights
Personal property: all property that is not land or permanently attached to land,
excepting trade fixtures and emblements.
Physical characteristics of land -- ANSWER--immobility, indestructibility, and
heterogeneity.
